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E-FILING OF ITR A.Y. 2008-09

Efiling 851 views 2 replies

Aditya

CHARTERED ACCOUNTANT

179 Points Joined June 2007

PLZ. GUIDE ME

My Assessee , who is a company, whose turnover for the F.Y. 2007-08 (A.Y. 2008-09) is 100 lacs , gets his accounts audited on 10-10-08. but he forgot to e -file the income tax return. Later on he e-file the ITR on 10-8-2009.

I want to know about the penalties he may face

1. Late filing of ITR after the close of A.Y. 31.03.2009 OF Rs 5000/-

2. Late filing on Audit Report u/s 271B ( however it is not to be attached with the e-filing of ITR.)

Replies (2)

CA SUDHAKAR

CHARTERED ACCOUNTANT

189 Points Joined June 2008

THE COMPANY MAY FACE PENALTY UNDER BOTH THE PROVISIONS. HOWEVER, IF THERE IS ANY REASONABLE OR GENUINE CAUSE FOR DELAY IN FILING OF RETURN (WHICH IS SUPPOSED TO BE FILED BEFORE THE SPECIFIED DATE - 30.09.2008), THE PENALTY MAY NOT BE LEVIED.

vkbothra

Learning

690 Points Joined January 2009

Yes as above V.K. Sir said, if the company provideing valid reason of not submitting Audit report on the due date, and if they get satisfy than company will be able to save tax of not submitting Audit report u/s 271B. Other wise, company have to pay 0.5% tax of trunover.